Homes Sales: Buyers' market in MS

In Mississippi, home closings were up 5% between July 2013 and July 2014. In the tri-county area, they've been the strongest in Rankin County: a 9.6% increase in closed sales. Source: WLBT

House prices are slightly higher than this time last year, but the prices are creeping up slowly, not quickly. Source: WLBT

"They're still tight on the credit side, so the lenders are looking at the consumer, but that type of interest rate is going to drive the market." Source: WLBT

Mississippi real estate is currently a buyers' market. Source: WLBT

FLOWOOD, MS (Mississippi News Now) -

Mississippi real estate is currently a buyers' market, according to Keller Williams Operating Principal Phil Landers.

"Typically, the definition of a buyers' market is anything greater than six months in inventory," he says.

And right now Mississippi holds about eight months of inventory. That also means buyers have more to choose from. According to the National Association of Realtors, nationwide, home sales hit their strongest pace of 2014 in July.

"If you look at the interest rates, money is practically free. You're looking at 3.5, 3.375% long term interest rates," said Landers. "They're still tight on the credit side, so the lenders are looking at the consumer, but that type of interest rate is going to drive the market."

In Mississippi, home closings were up 5% between July 2013 and July 2014. In the tri-county area, they've been the strongest in Rankin County: a 9.6% increase in closed sales. But that trend is tapering off due to the time of the year.

"Properties under contract are down about 0.9%," said Landers. "So a little bit of pull back there, but that's to be expected as we approach the tail end of summer."

Also, house prices are slightly higher than this time last year, but the prices are creeping up slowly, not quickly.